This is the final excerpt from IMA’s winter letter. Q4 2020 hedge fund letters, conferences and more Pipelines are undergoing a renaissance today, but it’s not the one you think. The previous renaissance of shale oil and natural gas development was anything but a good outcome for this industry. Capital-intensive industries,...
The following is an excerpt from our recent client letter. Q2 2020 hedge fund letters, conferences and more A year ago, I called the stock market mood “partying like it’s 1999.” I was off by a year. Last year was missing the necessary euphoric speculation, which ironically arrived in the middle...
I was on PBS NewsHour talking about Uber Eats and the food delivery business (you can watch it here). When I told my six-year-old daughter Mia Sarah about it, she shrugged and said she’d be more impressed if I was on PBS Kids; at least she could brag to...
I wrote the following article as part one of a two-part conclusion to my 37-page Tesla and EV industry analysis. (You can get complete analysis as an email series, PDF, EPUB or Kindle ebook here or email at [email protected], or you can listen to it as an audio book; Part 1 here & Part 2 here). Q4 2019 hedge...
Excerpted from the IMA fourth quarter 2019 letter to clients. Q4 2019 hedge fund letters, conferences and more Pexels / Pixabay The stock market marched higher for the year even though US companies as a whole did not become more valuable, just more expensive, as earnings failed to grow from 2018 to...
This article is Part 10 of an 11-part series analysis of Tesla, Elon Musk and EV Revolution. You can read other parts here. Q3 2019 hedge fund letters, conferences and more Blomst / Pixabay Tesla bears – a lot of them are people I respect; some of them are my dear friends...
This article is Part 7 of an 11-part series analysis of Tesla, Elon Musk and EV Revolution. You can read other parts here. Q3 2019 hedge fund letters, conferences and more FirmBee / Pixabay As I discussed, during the transition from one domain to another, many of the assets and much of the...
This article is Part 5 of an 11-part series analysis of Tesla, Elon Musk and EV Revolution. You can read other parts here. Q3 2019 hedge fund letters, conferences and more Pexels / Pixabay My wife loves driving the Model 3, not for all the selfish reasons I like to drive it...
“Ideas become part of who we are. People get invested in their ideas, especially if they get invested publicly and identify with their ideas. So there are many forces against changing your mind. Flip-flopping is a bad word to people. It shouldn’t be. Within sciences, people who give up...
This article is Part 4 of an 11-part series analysis of Tesla, Elon Musk and EV Revolution. You can read other parts here. Q3 2019 hedge fund letters, conferences and more Hans / Pixabay The main character in an ICE car is the engine. Car companies spent billions of dollars to make...
This article is Part 2 of an 11-part series analysis of Tesla, Elon Musk and EV Revolution. Read Part 1 here. Q3 2019 hedge fund letters, conferences and more castleguard / Pixabay The complexity of the traditional ICE car is mind-boggling. There are several thousand moving parts that are interconnected by belts...
“The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function.” - F. Scott Fitzgerald Q2 hedge fund letters, conference, scoops etc Blomst / Pixabay You really don’t know the company until you buy the stock....
The stock market is not your friend. Instead, the market awakens a dangerous emotion — fear. Often we are too fearful to invest in stocks, or, having taken the plunge, we become convinced that we are invincible, that our risk tolerance is limitless. Q2 hedge fund letters, conference, scoops etc mohamed_hassan...
It seems that Softbank stock has been hated and misunderstood every day we’ve owned it – until recently, when Eric Savitz at Barron’s wrote a front-page story that could not have made a better, clearer case for the stock (link to the story). Eric made many points that I’ve made...
It depends on who you ask. If you listen to the media, it was a failure. A successful initial public offering has to feel like July 4th fireworks. The stock opens 30% above the set IPO price and then finishes the day up 100%. That’s a newsworthy IPO that...
Vitaliy Katsenelson on investing in marijuana stocks. Q2 hedge fund letters, conference, scoops etc 7raysmarketing / Pixabay Listen on: iTunes | Google Podcasts | Online Question: What do you think about investing in marijuana stocks? We have a great front-row view of this industry, as Colorado was one of the earlier states to legalize marijuana. We think making money...
My investment management firm’s portfolio has a large position in the health-care sector, and with AbbVie’s $63 billion takeover bid for Allergan earlier this week, it’s timely to review why we bought into this sector. Q1 hedge fund letters, conference, scoops etc Pexels / Pixabay Without commenting on Allergan shares of which...
This article was originally published in Barron’s magazine. Q1 hedge fund letters, conference, scoops etc Free-Photos / Pixabay Markets are buoyant this week on the Fed’s hints of potential rate cuts. But interest rates have been low for more than a decade already and there are downsides to persistently low interest rates:...
Question: According to many market commentators, value investing doesn’t work the way it used to, and some tout statistics that growth has outperformed value over the last decade. How do you rebut that view? Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay Answer: There are two answers to that question....
Recently my firm was hiring a junior analyst – someone who’d work directly with me. In the past we’d post an advertisement and get hundreds of resumes and we’d have to dig through them trying to identify a candidate with the right pedigree and relevant experience. Q1 hedge fund letters,...
This article is Part 2 of a 3-part series discussing how investors can avoid acting irrationally. Read Part 1 and Part 3. Q1 hedge fund letters, conference, scoops etc fill / Pixabay Investors are prone to two opposing but equally debilitating fears: the fear of missing out when times are good, and the fear of...
A client asked recently for my view on Japanese conglomerate SoftBank Group and its substantial investment in WeWork, whose CEO evidently has sold WeWork stock to buy properties in New York City and California that he has leased back to WeWork. The question on my client’s mind is whether this...
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